London, United Kingdom – Global crude prices surged 8.22% to close at $112 per barrel for the week ending March 20, 2026, marking a 53% month-to-date gain amid US-Iran war disruptions at the Strait of Hormuz chokepoint between Iran and Oman.
Okay News tracks Brent Crude Futures breaking $93 resistance—last seen September 2023—after US Operation Epic Fury launched February 28, pushing year-to-date gains over 83% toward May 2022’s $118 peak as Israel strikes Tehran anew.
Heating oil rocketed 77% to $4.6/gallon from $2.8; Tokyo Kerosene Futures climbed 60% to ¥140,000/kilolitre, rippling into Nigeria where Dangote Refinery hiked petrol ex-depot price to N1,275/litre from N1,245—second rise after N1,175—despite local refining gains.
African nations including South Africa swarm Dangote for supply as Iran conflict chokes Middle East flows; IEA urges less air travel to curb jet fuel demand amid global shortage warnings.
Saudi officials flag $180/bbl risk if Hormuz—key route for Gulf exporters—closes fully, echoing 2020’s COVID surge patterns as March gains eye 56% close if tensions persist.
